Customer onboarding: is it always bound to have friction? Some organizations believe there’s no way around the abrasive parts — and both the company and its clients pay the cost. As a result, Thomson Reuters discovered 89% of clients endure such subpar onboarding that 13% leave for a competitor.Commercial clients and your own teams deserve more from your onboarding, but it doesn’t have to stretch your thin resources even further. Inefficiency is the burden, and understanding what irks customers about your processes is the first step to gaining them back.
1. Too much information
Early onboarding is dense with high-friction information gathering, with employees requesting far too much information too fast. Naturally, customers become frustrated and nervous as they pass through meticulous identity, credit checks, and more.Despite keeping a bank compliant and secure, these processes often lack the means to balance the customer experience with efficient information requests. Without a way to avoid overwhelming your customers, balancing the walk between compliance and customer satisfaction is an uphill struggle.
2. Redundant requests for info
As the client encounters each onboarding department, they become increasingly agitated as employees asking for info already obtained by the company. The problem? Departments involved in onboarding don’t often share their data with each other.A bank’s data silos cause a customer to see requests for the same identifying and financial details. Unaware of why, they will encounter these requests from each department that has yet to identify and verify their information. Bureaucracy fatigue sets in as clients endure each department’s cycle of manual data intake, verifications, storage uploads, and follow-up analyses that feels like a carbon copy of the previous one.Silos have helped to build each department’s internal processes, but progress now requires the walls to come down in favor of data that openly flows across the wider organization.
